ABSTRACT
Since the start of the new millennium, most serious newspapers in the UK, and many others in Europe and the USA, have carried stories almost on a daily basis on the excesses of boardroom rewards. These allegations usually contain an account of the pay and benefits received by an executive director, CEO or chairman, and go on to castigate the culprit, without any attempt to explain the actions taken by the directors concerned. The implication, usually left unsaid, is that senior managers act entirely in their own interests, irrespective of the needs of other stakeholders.
